Economic Recession Hits Beckham

Insync

-Staff

By Staff

Thursday, November 6, 2008, 4:54

The global economic recession has not only altered the lives of the common man, but also the rich and the famous. It looks like the money meltdown has hit the mega-rich soccer ace David Beckham too. The 33-year-old has seen his earnings nosedive as sponsors across the world cut back on lucrative deals.

According to figures released by the Government, the England ace's company Footwork Productions made a profit of almost 10.5million pounds over the last year, compared to 15.5 million pounds in 2005 and 11.1million pounds in 2006.

"These accounts cover the transitional period in which he signed for LA Galaxy and may not tell the full story of his earning power," the Daily Star quoted a financial expert, as saying.

"On the face of it he has lost a third of his overall profit, but it is well documented that he has signed a lucrative deal with LA Galaxy so one suspects there will be another increase in profits next year. "It certainly remains a very healthy business and Brand Beckham is alive and well," the expert added.

Although the figures do not reveal Beckham's LA Galaxy salary, they do include many of his lucrative sponsorship deals with the likes of adidas, Gillette and Pepsi.

Meanwhile, Beckham is also set to release another new fragrance with wife Victoria , 34, and his recently launched micro-wave food range for kids should boost income.

However, things could get back on track for the dad of three as he has now signed a two-month loan move to Serie A giants AC Milan. Italian firms, which are desperate to exploit Beckham's short stay in the city, are lining up a host of advertisement and sponsor deals.

And, despite the credit crisis, Beckham paid himself a whopping 5.2 million pounds out of the company's profits in 2007, the year he switched from Real Madrid to LA Galaxy in a deal said to be worth 125 million pounds over five years.

Whoever said that the poor rich celebs led a secure life??